Wall Street stocks close slightly lower; jobs data strong but rates still high

NEW YORK -Wall Street stocks ended slightly lower on Friday in choppy trading after stronger-than-expected U.S. jobs data pointed to a robust economy but prompted worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped.

It finished slightly lower, with the utilities, materials, and communication services stocks among the biggest drag. Financials and technology advanced ahead of others."This tells you there's certainly not going to a cut in the short term, and with the bond yields going back up it's putting a lot of pressure on the risk-on trade, which is probably small caps," said Sandy Villere, portfolio manager at Villere & Co in New Orleans.

Traders now see a 56% chance of a September rate reduction, according to the CME's FedWatch tool. Investors will eye U.S. inflation data next week and the Federal Reserve's two-day policy meeting, which ends on June 12. Declining issues outnumbered advancers by a 2.72-to-1 ratio on the NYSE. On the Nasdaq, 1,177 stocks rose and 3,064 fell as declining issues outnumbered advancers by a 2.6-to-1 ratio.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Main Street or Wall Street: Who Has the Correct Market Prespective?Stocks Analysis by Jeffrey Roach covering: S&P 500, Target Corporation. Read Jeffrey Roach's latest article on Investing.com
Source: Investingcom - 🏆 450. / 53 Read more »

Stock market today: Asian shares edge lower after Wall Street sets more recordsAsian markets are mostly lower after U.S. stocks hit new record highs.
Source: wjxt4 - 🏆 246. / 63 Read more »

Stock market today: Asian shares edge lower after Wall Street sets more recordsAsian markets are mostly lower after U.S. stocks hit new record highs.
Source: ksatnews - 🏆 442. / 53 Read more »

Stock market today: Asian shares edge lower after Wall Street sets more recordsAsian markets are mostly lower after U.S. stocks hit new record highs. U.S. futures and oil prices also slipped. Tokyo's Nikkei 225 fell after Japan reported that its trade deficit rose last month as rising costs for imports outpaced an 8% rise in exports from the year before. On Tuesday, the S&P 500 rose 0.3% to surpass its record set last week.
Source: AP - 🏆 728. / 51 Read more »

Stock market today: Wall Street mostly quiet following a record-breaking sessionWall Street was subdued before the bell Thursday, one day after markets were again pushed to records by the fever around artificial intelligence
Source: Mynorthwest - 🏆 438. / 53 Read more »